Global Bike Helmet Market Size, according to MRFR, is projected to touch USD 1.12 Billion by 2024 at a CAGR of 5.35%. The rise of the worldwide industry is attributed to the existence of strict legislation requiring the use of helmets.
The outlook in most economies makes COVID-19 unclear. However, the market for motorcycles is picking up due to the change in customer desire after the incremental opening of markets and quick lockdown steps, as people reject public transport and the developed nations in the region favour motorcycles over other vehicles.
Growing Demand for Safety Bike Equipment Drives Market Growth
For bike riders, there are varying safety regulations in various countries. The existence of safety legislation and laws relating to helmets is thus expected to drive the development of the bike helmet industry. In addition, the increasing number of bikes on the road has contributed to a high crash rate that has impacted the worldwide sales of bike helmets. The growth of the global bike helmet market is being propelled by the rising trend of cycling as a means of exercise to minimise obesity and improve health. The emergence of the worldwide industry is attributed to the lack of tight government restrictions on the use of safety gear while riding bikes. Growing sustainability issues have contributed to an increase in the number of cyclists worldwide. Factors that are expected to contribute to a rise in sales of cycling helmets over the projected timeframe are increased disposable income, increased purchasing power, increased bicycle riding activities, and increased bicycle sales. In addition, product advancements with advanced safety features along with increased product appearance are further boosting the market's growth.
Growing Adoption of Professional Cycling to Create Growth Opportunities
In comparison, bicycles are less costly and more environmentally friendly means of transportation compared to other vehicles, which in recent years has led to a rise in the number of cyclists around the world. Latest testing and advancement of cycling helmets has found that helmets help prevent the perception of rotational force during a collision. Bicycle helmets today are lightweight with the new technologies, with advanced aerodynamics, and provide better ventilation. In addition, it is predicted that the growing pattern of professional cycling races and increasing instances of bike crashes will affect the development of the global industry. Millennial propensity towards exercise and outdoor cycling sports is projected to raise the demand for bicycle helmets.
High Cost of Bike Helmets to Impede Market Growth
However, the high cost of bike helmets is expected to impede the growth of the market during the forecast period. The lack of knowledge of cycling and the value of wearing helmets is a restriction on the market. The small consumer base, the high initial price, and the buying power of the people impacted by the global economic recession are further hindering factors.
Global Market for Bike Helmets has been segmented by Type, Application and Region.
By type, the market was categorised into road helmets, sports helmets and MTB helmets. The segment of road helmets accounted for the largest market share in 2018. Significant regulations requiring the use of helmets in everyday travel have boosted the development of the segment in most countries. In addition, the regulation for manufacturers of helmets to deliver lightweight and safer goods would accelerate the development of the market. However, the sport helmet segment is expected to have the highest CAGR reported during the forecast era. The rising pattern of sports activities, especially in developed countries, is driving the growth of the segment.
On the basis of the application, the global demand for bike helmets has been listed as everyday travel and sports/adventure. The daily travel category accounted for a greater market share in 2018. The increase of this category is motivated by the rising number of injuries and government mandates for the use of bike helmets for on-road bikers. In the coming years, however, the rising popularity of adventure sports is expected to propel the development of the sports/adventure market. The sports/adventure section is also predicted to display a higher CAGR over the forecast period.
Four main regions, including the Asia Pacific, North America, Europe, and the rest of the world, have been given a geographical description of the global economy.
High R&D Investments in Europe to Drive the market
During the prognosis period, the European bike helmet market is projected to be the highest. In 2018, the region accounted for 36.35 percent of the entire market share. In this region, with a CAGR of 7.46 percent, Italy is expected to be the fastest-growing country-level market during the forecast period. The cycling helmet market is anticipated to dominate Europe. In order to come up with new products like smart helmets, manufacturing firms are investing in R&D. The new helmet invention consists of LEDs on helmets that aid at night.
India to Drive APAC Market
The Asia-Pacific industry, however, is expected to display the highest CAGR of 5.95 percent during the forecast period. The rise in premium motorcycle sales, particularly in the Asia-Pacific region, and the preference and awareness of end-users for improved protection and comfort offered by premium helmets are some of the factors driving the market's growth. Increasing recognition of cycling safety and tight regulation by governments in the region are fueling the development of the demand for bike helmets. Due to the number of road injuries in India, customer purchasing and demand for safer helmets are increasing, and sales of bike helmets are expected to continue to rise across the country in the coming years. Driving a two-wheeler without wearing a helmet is illegal in India, thereby driving its market.
U.S. Dominates the North American Market
The North American market still holds a substantial share of the overall market for bike helmets and is expected to demonstrate a modest growth trend over the forecast period. During the forecast period, the US is expected to have the largest market share. Owing to big producers spending aggressively in emerging countries, the U.S. dominates the market. Leading suppliers of cycling helmets, along with deep product reach, have broad distribution networks.
Major Players to Focus on Product Development
Manufacturers seek to draw buyers by producing helmets with distinctive characteristics, shapes, and colors, and are competing in this increasingly fragmented market based on price. In order to offer more advanced goods, the firms have also been creating alliances. With rising demand, businesses have introduced new goods and invested more in R&D ventures for potential growth.